The Uniform Transfers to Minors Act allows for a parent or other adult to create a custodial account for gifts, bequests, and other transfers of assets to a minor. In addition to money, a UTMA account can hold other types of assets for the minor, including real estate, royalties, fine art, and patents. The account can be created either by an individual or by the terms of a will or trust. Although the minor owns the assets in the UTMA account, a custodian manages and controls the account until it terminates….
Your will is one of the most important documents you will ever draft. It dictates what happens to your estate when you pass away and ensures the proper heirs are given their inheritance. Some residents in Florida may think writing their will is just a “fix it and forget it,” type of document. However, there are quite a few reasons why you may need to change it.
Your marital status is a prime reason you may want to adjust your will….
Considering the important role they play in allowing you to control how your assets are distributed after your death the legal requirements for wills are not as complex as you might imagine. All states, including Florida, have laws specifying the rules for testamentary capacity and legal capacity that must exist for a will to be valid.
Legal capacity in Palm Beach County requires that makers of wills be at least 18 years of age. The document must be in writing and it must be witnessed by at least two people….
Statistics show that the average middle income person in Florida around age 50 carries more debt than ever before. This can be a challenge when they pass away and their estate is divided. Though debt collectors cannot go after survivors to collect unpaid liabilities, they can get the unpaid funds from assets in your estate. If you have debt, any unprotected property is promptly sold to pay off the money that you owe. This can eat a deep hole into any inheritance that you were hoping to leave, or even wipe out your estate entirely….